FX Watch

PHILIPPINES - In Brief 13 Aug 2015 by Romeo Bernardo
China's attempt to pursue a more market-based exchange rate has seen other Asian currencies depreciating alongside it. The impact on the peso has been relatively smaller compared with other neighboring currencies, reflecting robust external accounts. But at a time when exports across the region are slumping (Philippine exports again dropped 3.3% in June), we expect policy makers, particularly the BSP, to be closely watching these relative changes and would not be surprised if the peso is allowed to depreciate more as dictated by market forces. While the peso has been depreciating since February in real trade-weighted terms, it is far from off-setting gains in recent years.

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